The real estate market is constantly changing, especially in the local Denver market. We like to keep an eye on it for you, so we can let you know whatâs going on! Hereâs the latest update:
Data from ReColorado from November 1, 2020 to November 30, 2020.
At 5,236, monthly sales are up 22% from this same time last year in the Denver metro area. While the sales are up from November 2019, they are 19% lower than sales in October. A decrease in monthly sales between October and November is fairly common.
November saw 3,695 new listings in Denver. This is a 1% increase from the previous November and a 40% decrease from October of this year, continuing the trend of a slow down as we move into the colder months.
The average sale price for homes in the Denver metro area in November was $547,094. This is a 13% increase from November 2019 and just a decrease of 2% from October of this year. Single-family homes are selling for higher prices than multi-family residences, such as townhomes and condos. The average sale price for a single-family home was $224,195 higher than multi-family residences.
Days on Market (DOM)
The number of days on market continues to drop, with an average of 22 days and a median of six days during November. The average is a 13-day decrease from last Novemberâs average and a 2-day decrease from this October, while the median is a 13-day decrease from last November and a 2-day decrease from this October.
Single-family residences spent an average of 6 days fewer on the market than multi-family residences.
Turn to a Homie
Whether youâre looking to buy or sell, Homie has experienced, local real estate agents who are excited to work with you. These agents understand the nuances of the local real estate market and are willing to go the extra mile to get you the deal youâre looking for. Click to start selling or buying and to get in touch with your dedicated agent.
Get more tips on navigating the Colorado real estate market!
5 Tips to Help You Afford Your First Home
Common Home Buying Fears and How to Overcome Them
Can You Buy and Sell a Home at the Same Time?
The post Homieâs Denver Housing Market Update November 2020 appeared first on Homie Blog.